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Cyber Risk Management

Willis Towers Watson takes an integrated, comprehensive approach to cyber risk management to help you manage people, capital and technology risks across your enterprise. Any plan that fails to consider each of these dimensions will likely fall short.

Cybersecurity today is no longer simply a technology risk for the IT department to handle. A cyber breach can affect your ability to operate and cost millions. It can also have far-reaching consequences that affect your reputation and brand long after the breach itself is resolved.

Willis Towers Watson takes an integrated, holistic approach to cyber risk management to help you manage all aspects of the exposure across your enterprise. We take a three-step approach toward helping our clients evaluate and manage their cyber risk.

01

Assess

We use a set of diagnostic tools to identify and analyze your vulnerabilities across the entire enterprise, focusing on cyber risks affecting people, capital and technology. We identify the gaps and provide solutions to help fill them and create a cyber-savvy organization.

Protect

We then transfer the risk that remains after all proactive mitigation strategies have been considered. We protect our clients even after a cyber incident occurs through prompt reporting in connection with claims notification and forensic accounting.

People

Two-thirds of cyber incidents are the direct result of employee behaviors – from lost devices to actions by disgruntled insiders. Our proprietary Cyber Risk Culture Survey can help you assess employees’ attitudes and behaviors to uncover vulnerabilities, create awareness and design action steps that can help reduce insider risk.

Our Cyber Work Readiness Diagnostic can help you create and optimize a cyber workforce by defining roles and identifying talent and skills gaps. This entails assessing potential sources of cyber risk to establish a needs-based hiring and retention plan amid a perpetual “war” for cyber talent. Our market-leading human capital consultants and risk advisors provide customized solutions based on each client’s unique business operations and priorities.

Capital

According to The Cybersecurity Imperative Study conducted by ESI ThoughtLab and sponsored by Willis Towers Watson, to cope with rising cyber risks, companies increased their cybersecurity investments by 7% in 2018 over the previous year, and plan to nearly double that percentage increase to 13%. Our risk transfer solutions, especially in insurance advisory and placement, provide the protection your balance sheet needs to account for residual risk following the application of appropriate safeguards and practices.

Our proprietary Cyber Quantified and Cyber Risk Profile Diagnostic tools can help you make strategic decisions on how to effectively allocate capital to high priority areas, including risk transfer decisions. Our post-breach solutions include insurance claims advocacy and forensic accounting to ensure maximum capital recovery under relevant insurance policies.

Technology

In 2019, companies will allocate 39% of their cybersecurity budget to technology, 31% to process, and 30% to people. To help combat untrained general staff, today’s biggest threat to cybersecurity, the fastest growing technology tool is user behavior analytics. Only about 4% currently employ it, but 73% plan to start using it by 2020 —a growth rate of more than 1,700%.1 Our advisory teams assess the level of technological risk specific to each client’s situation, and in conjunction with our preferred technology partners, work to mitigate and manage cyber risk across the enterprise.

IT solutions cannot be adopted or implemented in a vacuum. It’s critical for People and Technology to have a symbiotic relationship to ensure cyber strategies are connected to the business and its functions.

Our holistic approach to cybersecurity evaluates all potential cyber threats – from people to capital to technology – to ensure your enterprise is aware of the risks and taking all necessary precautions to mitigate harm.

1 The Cybersecurity Imperative, conducted by ESI ThoughtLab, in conjunction with Willis Towers Watson and other organizations, 2018.

Contact

Investors can and should play a key role in encouraging companies to prioritize cybersecurity. A new World Economic Forum report, Incentivizing responsible and secure innovation: Principles and guidance for investors, proposes a framework for investors to assess and address companies’ cybersecurity efforts. Willis Towers Watson is pleased to be a contributor to this leading-edge research.

The emergence of the Industrial Internet of Things technologies and the insurance market’s reaction to this new exposure.

On a recent Timely Notice episode, Howard Panensky, of Willis Towers Watson, and Matt Scott, of Envista Forensics, join Jonathan Schwartz to talk about the emergence of the Industrial Internet of Things technologies and the insurance market’s reaction to this new exposure.

Related Services

Willis Towers Watson is a leading innovator in addressing the changing risk landscape through cyber solutions and services designed to help organizations mitigate the myriad of risks they are facing today.

Cyber exposures impact almost every line of insurance, often making determining where “traditional” coverage ends, and the need for affirmative cyber protection begins, difficult. Willis Re helps clients manage both affirmative and harder-to-measure silent cyber exposures.